Tuesday, March 28, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use
Oil Market News
  • Home
  • Marketdaily
  • Price
  • crudenow
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEChot
  • brend
  • ships
Oil Market News
Home Stock

Market Highlights: FDA backtracks on cannabis oil, and 5 ASX small caps to watch

2 months ago
in Stock
Market Highlights: FDA backtracks on cannabis oil, and 5 ASX small caps to watch
Share on FacebookShare on Twitter


  • The ASX is set to extend gains on Monday
  • Earnings season continues, with Intel’s earnings raising an alarm for the chips industry
  • Fed’s interest rates decision this week

 

The ASX is on track to extend last week’s gains and at 8am AEDT, the ASX 200 Feb futures contract was pointing up by 0.15%.

On Friday, US stocks rose slightly as investors digested mixed earnings while staying cautious of the Fed decision due on Wednesday (US time).

Recession risk seems to have faded now as traders price in a much lower Fed hike of just 25bp,  half of what it raised in December , as inflation cools down.

The Fed’s preferred measure of inflation, the so-called core PCE (personal consumption expenditures deflator), also eased from 4.7% to 4.4% according to data released on Friday.

The Fed watches the PCE data closely as it takes into account changing consumer behaviour such as people substituting lower price goods for higher-priced items.

Earnings season continues on Wall Street and this week we’ll see results from Exxon Mobil, GM, Spotify, Pfizer and McDonald’s amongst others.

Intel shares fell 6.4% on Friday and raised alarm for the chips industry as its Q4 earnings disappointed.

The chip maker posted Q4 revenue of US$14.04 billion, a miss of the US$14.49 billion forecast, and EPS (earnings per share) of US$0.10, a miss of the US$0.18 estimate.

Goldman Sachs announced that its CEO David Solomon took a 29% pay cut in 2022. Rival bank Morgan Stanley, Apple and Alphabet, have all recently announced pay cuts for their CEOs.

Meanwhile the US FDA surprisingly said it can’t vouch for the safety of cannabidiol (CBD), a nonpsychoactive compound found in cannabis.

In a big blow for the cannabis industry, the FDA said that CBD doesn’t fit the type of supplements or food additives it typically monitors, and claims that science is lacking on the safety of long-term CBD use.

In other markets, crude prices are having a little tug-of-war around the US$80 a barrel as the world awaits the Fed’s decision.

This week has two massive events for the oil market: the OPEC+ virtual meeting on output, and the FOMC decision.

“The Fed could prove to be very volatile for the dollar and growth prospects,” said OANDA analyst, Edward Moya.

Gold prices softened to US 1,927.97 an ounce after the PCE data cooled.

“Gold is vulnerable to some selling pressure as the Fed may refuse to take the Bank of Canada’s lead and stick to its inflation fighting manner,” Moya said.

Bitcoin was up 3% in the last 24 hours to US$23,748.

Credit ratings giant Moody’s is reportedly working on a scoring system for stablecoins.

The system will evaluate and rate the quality of the attestations of stablecoin reserves, although it will not be considered an official credit rating.

At the moment, third parties attest that a company’s claims are accurate and validate that stablecoins are backed 1:1 by their reserves.

 

5 ASX small caps to watch today

Quickstep (ASX:QHL)
The company has secured a contract award from Dronamics for the production and supply of the Black Swan unmanned cargo aircraft. Dronamics is the world’s first cargo drone airline, based in Europe with a well-advanced global network plan. The anticipated value of the contract is likely to be in the range of $4.5 to $5.5 million.

Nitro Software (ASX:NTO)
Nitro reported a strong Q4 growth, with a 27% increase vs pcp in annual recurring revenue (ARR) to $58.8m. Total revenue was up 31% on pcp to $66.8m. The company is in a strong financial position with cash balance of $28m and zero debt.

Kula Gold (ASX:KGD)
Aircore and RC drilling is being completed across a number of previously untested potential mafic and ultramafic ‘eye structure’ intrusive targets throughout the Westonia Project. Airborne helicopter VTEM has defined 3 conductors at various channels and has generated drill targets coincident with platinum, nickel, copper and gold soil anomalies.

Firebird Metals (ASX:FRB)
Successful completion of high-purity manganese sulphate monohydrate (HPMSM) test work program has produced results including the production of >99.8% purity manganese sulphate monohydrate crystal, which meets battery grades specification.

Biome Australia (ASX:BIO)
Biome generated record quarterly sales of $1.8m,up 103% vs the pcp. The company recorded $1.77m in cash receipts from customers, up 37% vs Q1 FY23. 
Cash balance was $3.73m as of 31 December.

You might be interested in

Latest Oil News

InPlay Oil Corp. Confirms Monthly Dividend for February 2023

InPlay Oil Corp. Confirms Monthly Dividend for February 2023

February 1, 2023
Live news: PayPal to cut 7% of its workforce – Financial Times

Live news: PayPal to cut 7% of its workforce – Financial Times

January 31, 2023
Hudson inflates Biden’s role in oil prices

Hudson inflates Biden’s role in oil prices

January 30, 2023
Weaker Orders, Investment Underscore Ailing US Manufacturing

Weaker Orders, Investment Underscore Ailing US Manufacturing

January 28, 2023



news.google.com

Tags: asxbacktrackscannabiscapsfdahighlightsMarketoilsmallWatch
Previous Post

Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

Next Post

Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

Related Posts

InPlay Oil Corp. Confirms Monthly Dividend for February 2023

InPlay Oil Corp. Confirms Monthly Dividend for February 2023

by Oil Market News
February 1, 2023
0

CALGARY AB, Feb. 1, 2023 /CNW/ - InPlay Oil Corp. (TSX: IPO) (OTCQX: IPOOF) ("InPlay" or the "Company") is pleased...

Live news: PayPal to cut 7% of its workforce – Financial Times

Live news: PayPal to cut 7% of its workforce – Financial Times

by Oil Market News
January 31, 2023
0

Live news: PayPal to cut 7% of its workforce Financial Times news.google.com

Hudson inflates Biden’s role in oil prices

Hudson inflates Biden’s role in oil prices

by Oil Market News
January 30, 2023
0

A North Carolina congressman says President Joe Biden caused an energy crisis in America and that his administration has done...

Weaker Orders, Investment Underscore Ailing US Manufacturing

Weaker Orders, Investment Underscore Ailing US Manufacturing

by Oil Market News
January 28, 2023
0

(Bloomberg) -- US manufacturing showed more signs this week of succumbing to the Federal Reserve’s aggressive interest-rate hikes that are...

White House blasts Big Oil stock buybacks again as Chevron profits double

White House blasts Big Oil stock buybacks again as Chevron profits double

by Oil Market News
January 27, 2023
0

By Nandita Bose and Jarrett RenshawWASHINGTON (Reuters) - The White House on Friday launched a fresh attack against U.S. oil...

Is Cosan SA – ADR (CSAN) a Smart Choice in Oil & Gas Refining & Marketing Thursday?

Is Cosan SA – ADR (CSAN) a Smart Choice in Oil & Gas Refining & Marketing Thursday?

by Oil Market News
January 26, 2023
0

A rating of 72 puts Cosan SA - ADR (CSAN) near the top of the Oil & Gas Refining &...

Next Post
Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

Boeing's 747, the original jumbo jet, prepares for final send-off By Reuters

Subscribe
Notify of
guest
guest
0 Comments
Inline Feedbacks
View all comments

Trend Oil News

Beauty and devastation of women’s art from Latin America

Beauty and devastation of women’s art from Latin America

10 months ago
Crude Oil Moderately Lower on Global Growth Concerns – Barchart

Crude Oil Moderately Lower on Global Growth Concerns – Barchart

6 months ago
Oilfield services jobs rise again for eight straight months of growth

Oilfield services jobs rise again for eight straight months of growth

9 months ago
G7 countries agree to cap the price of Russian oil

G7 countries agree to cap the price of Russian oil

7 months ago
Energy crisis: EU should seek quick wins while negotiating price cap

Energy crisis: EU should seek quick wins while negotiating price cap

6 months ago
ADVERTISEMENT
‘Full investigation’ promised into UK wildlife haven oil spill

‘Full investigation’ promised into UK wildlife haven oil spill

March 27, 2023

Libyan state oil chief stresses support across divided country

March 26, 2023

Iraq wins landmark case against Turkey over Kurdish oil exports

March 25, 2023

UK government expected to offer energy companies windfall tax relief

March 24, 2023

Fears of an energy price surge percolate through sector

March 23, 2023

US regulator vows ‘aggressive’ crackdown on oil and gas methane leaks

March 22, 2023

Crude Oil

4 Days from Deadline, EU Fails To Agree On Russian Oil Products Price Cap

4 Days from Deadline, EU Fails To Agree On Russian Oil Products Price Cap

February 1, 2023
Oil rises after U.S. fuel stocks draw down; economic concerns loom

Oil prices settle steady on higher U.S. demand, weaker dollar

January 31, 2023
S&P 500 Down 1%; Crude Oil Drops Over 2%

S&P 500 Down 1%; Crude Oil Drops Over 2%

January 30, 2023
Russia Can’t Replace the Energy Market Putin Broke

Russia Can’t Replace the Energy Market Putin Broke

January 29, 2023

Investing

Orbital Sidekick Raises $10M Investment to Monitor Oil and Gas Industry from Space 

Orbital Sidekick Raises $10M Investment to Monitor Oil and Gas Industry from Space 

February 1, 2023
Crude Oil Shielded From Bond and Stock Market Rout

Clean-energy investing poised to top money backing oil and gas after hitting a record

January 31, 2023
Crude Oil Shielded From Bond and Stock Market Rout

The Cushing® MLP & Infrastructure Total Return Fund Announces Fund Name Change

January 30, 2023
Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

January 29, 2023

Market

‘Full investigation’ promised into UK wildlife haven oil spill

‘Full investigation’ promised into UK wildlife haven oil spill

March 27, 2023
Libyan state oil chief stresses support across divided country

Libyan state oil chief stresses support across divided country

March 26, 2023
Iraq wins landmark case against Turkey over Kurdish oil exports

Iraq wins landmark case against Turkey over Kurdish oil exports

March 25, 2023
UK government expected to offer energy companies windfall tax relief

UK government expected to offer energy companies windfall tax relief

March 24, 2023

OPEC

US Close- Fed signals more hikes coming, Powell says disinflation process begun, ADP

US Close- Fed signals more hikes coming, Powell says disinflation process begun, ADP

February 1, 2023
‘OPEC does not control the price’: OPEC President | OPEC News

‘OPEC does not control the price’: OPEC President | OPEC News

January 31, 2023
OPEC+ Closely Watches Chinese Factory Data

OPEC+ Closely Watches Chinese Factory Data

January 30, 2023
Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

January 29, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use

© 2022 OilMarket.News

No Result
View All Result
  • Home
  • Market
  • Price
  • crude
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEC
  • brend
  • ships

© 2022 OilMarket.News

wpDiscuz
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.